His appointment follows a thorough and exhaustive process conducted by the Nominations Committee with the assistance of a leading executive search firm. Sir John will succeed Rudy Markham, who began the search and appointment process for the new Chairman whilst Senior Independent Director, and has served as Interim Chairman since John Stewart’s retirement from the Board on 1 June. The appointment process was concluded by Julia Wilson, who became Senior Independent Director at the Company’s AGM on 26 May.
Sir John Kingman has had an extensive Whitehall career, culminating as Second Permanent Secretary of HM Treasury, where his responsibilities variously included serving as Managing Director of the Finance and Industry Directorate, and Managing Director of the Public Services and Growth Directorate. He was also CEO of UK Financial Investments, with responsibility for managing the Government’s shareholdings in Lloyds Bank Plc, Royal Bank of Scotland Plc, and Northern Rock Plc. He has spent time in the private sector as a managing director of NM Rothschild, where he was global co-head of the Financial Institutions Group.
Rudy Markham, Interim Chairman, said: "John’s grasp of complex financial markets was a hallmark of the UK government’s successful handling of the 2008-9 financial crisis. This, plus his commitment to growth in the UK economy, will stand him in good stead at Legal & General as the UK navigates Brexit and as we continue to support economic growth which benefits our 10 million customers."
Julia Wilson added: "John’s intellect, experience and his expertise and leadership operating at the most senior levels in finance, complement the broader financial and operational skills of our Board, and I look forward to working with him. I would also like to thank Rudy for taking on the role of Interim Chairman."
John Kingman, Chairman designate said: "Legal & General is a great company. I am delighted to serve as its next Chairman, helping to generate value as part of a strong team and applying our collective skills on behalf of our shareholders and customers."
No other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules of the Financial Services Authority in relation to John’s appointment as a director of the Company.
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